Fusion CX IPO is a Mainboard Book Built public issue by Fusion CX Limited. The public issue comprises a fresh issue of equity shares worth ₹500 crore and an Offer for Sale (OFS) worth ₹202 crore by existing promoter selling shareholders. The total issue size is approximately ₹702 crore. Following completion of the IPO process, the company’s equity shares are proposed to be listed on both the BSE and NSE.
The objective of the fresh issue is to support repayment or prepayment of certain borrowings, investment in technology tools through step-down subsidiaries, inorganic growth initiatives, and general corporate purposes. The Offer for Sale enables existing promoter selling shareholders to sell part of their shareholding. The company will receive the proceeds from the fresh issue, while the OFS proceeds will be received by the respective selling shareholders.
Fusion CX Limited is a customer experience management and business process services company incorporated in 2004. The company provides multilingual and multichannel customer engagement solutions to businesses across various industries. Its services include voice-based customer support, email and chat support, social media engagement, customer acquisition, customer retention, technical support, payment and collections, order fulfilment, and technology-enabled digital solutions.
The company serves clients across telecom and utilities, high-tech growth and travel, banking, financial services and insurance, retail, and healthcare. It also offers technology-oriented services, including artificial intelligence-related tools and data infrastructure capabilities through its subsidiaries. Fusion CX has developed an international delivery network, supporting clients across multiple markets.
The customer experience management industry continues to evolve due to digital transformation, growing demand for omnichannel customer service, automation, analytics, and artificial intelligence. These developments create opportunities for service providers that can combine customer engagement expertise with technology-driven solutions. However, investors should carefully assess Fusion CX’s financial performance, customer concentration, competitive position, technology investments, operating costs, debt levels, and IPO valuation before making an investment decision.
Table of Contents
Fusion CX IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Fusion CX IPO |
| Company Name | Fusion CX Limited |
| IPO Type | Book Built Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹1 Per Equity Share |
| Price Band | ₹275 to ₹289 Per Share |
| Issue Size | ₹702 Crore |
| Fresh Issue | ₹500 Crore |
| Offer for Sale | ₹202 Crore |
| IPO Open Date | 14 October 2026 |
| IPO Close Date | 16 October 2026 |
| Anchor Investor Bidding | 13 October 2026 |
| Basis of Allotment | 19 October 2026 |
| Refund Initiation | 20 October 2026 |
| Shares Credited to Demat Account | 21 October 2026 |
| Listing Date | 22 October 2026 |
| Listing Exchange | BSE & NSE |
| Lot Size | 51 Equity Shares |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | Nuvama Wealth Management Limited, IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited |
The company intends to use the net proceeds from the fresh issue primarily for repayment or prepayment of certain borrowings, investment in its step-down subsidiaries for upgrading technology tools, inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes. The proceeds from the Offer for Sale will be received by the respective selling shareholders.
Fusion CX IPO Dates
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | 13 October 2026 |
| IPO Opening Date | 14 October 2026 |
| IPO Closing Date | 16 October 2026 |
| Basis of Allotment | 19 October 2026 |
| Refund Initiation | 20 October 2026 |
| Shares Credited to Demat Account | 21 October 2026 |
| Listing Date | 22 October 2026 |
After the allotment process is completed, successful applicants are expected to receive the allotted shares in their demat accounts before trading begins on the stock exchanges. These dates are the announced schedule and should be checked against official exchange updates.
Fusion CX IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not Less Than 75% |
| Non-Institutional Investors (NII) | Not More Than 15% |
| Retail Individual Investors (RII) | Not More Than 10% |
The final allocation under each investor category will depend on the offer structure, applicable regulations, and valid applications received during the IPO subscription period. Investors should refer to the final offer documents for the confirmed allocation details.
Fusion CX IPO Lot Size
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 1 Lot (51 Shares) | ₹14,739 |
| Retail Maximum | 13 Lots (663 Shares) | ₹1,91,607 |
| S-HNI Minimum | 14 Lots (714 Shares) | ₹2,06,346 |
The application amounts shown above are calculated using the upper price band of ₹289 per equity share. Retail investors can apply for a minimum of one lot, comprising 51 shares, and in multiples of 51 shares thereafter. The applicable investor-category limits should be checked against the final offer documents.
Grey Market Premium (GMP)
| Date | GMP | Sub2 | Kostak |
|---|---|---|---|
| 12-Oct-2026 | ₹16.00 | — | — |
| 12-Oct-2026 (Evening) | ₹18.00 | — | — |
| 13-Oct-2026 (Morning) | ₹21.00 | — | — |
| 13-Oct-2026 (Current) | ₹23.00 | — | — |
About Fusion CX Limited
Fusion CX Limited is a customer experience management and business process services company incorporated in 2004. Originally established as Xplore-Tech Services Private Limited, the company subsequently adopted the Fusion CX name and converted into a public limited company. It provides customer engagement and business process solutions to businesses operating across multiple industries and geographies.
The company delivers customer interactions through voice, email, chat, social media, and messaging channels. Its services include customer acquisition, customer service, customer retention, technical support, order fulfilment, payment and collections, and digital solutions. Fusion CX supports clients that require multilingual customer service, scalable business processes, and technology-enabled customer engagement.
Its industry exposure includes telecom and utilities, high-tech growth and travel, banking, financial services and insurance, retail, and healthcare. The company also has technology-related capabilities through its step-down subsidiaries, including Omind Technologies Inc. and Omind Technologies Private Limited. These businesses support investments in tools such as Arya and MindVoice, as well as technology upgrades intended to enhance customer experience operations.
Fusion CX operates in a competitive sector where service quality, client retention, technology adoption, employee training, operational efficiency, and data security are important factors. Its future performance will depend on its ability to maintain client relationships, respond to changing customer expectations, and develop technology-enabled services while managing costs.
Business Operations
Fusion CX Limited operates a customer experience management and business process services platform offering a range of services to clients across industries.
- Multichannel Customer Support: The company provides customer service through voice calls, email, chat, social media, and messaging platforms.
- Customer Acquisition: Its services include customer outreach, onboarding, engagement, and other activities that support client acquisition programmes.
- Customer Retention: Fusion CX helps businesses manage customer relationships, address service issues, and support retention initiatives.
- Technical Support: The company provides assistance for customer queries, troubleshooting, and technical support requirements.
- Payment and Collections: Its business process services include payment-related customer interactions and collection support.
- Order Fulfilment: The company supports order-related processes, customer communication, and associated business workflows.
- Digital Solutions: Fusion CX provides technology-enabled services to support customer experience management and operational processes.
- AI Data Infrastructure: The company’s technology-related services include data-oriented capabilities that support artificial intelligence and digital applications.
- Automation and AI Tools: Through its step-down subsidiaries, the company is investing in technology tools, including Arya and MindVoice, to upgrade its service capabilities.
- Industry-Specific Services: Fusion CX serves clients in telecom and utilities, high-tech growth and travel, BFSI, retail, and healthcare.
Industry Overview
The customer experience management and business process services industry is undergoing significant changes due to digital transformation, increasing customer expectations, and wider adoption of automation and artificial intelligence. Businesses increasingly rely on specialised service providers to manage customer interactions, improve service quality, and support operational efficiency.
The growing use of digital communication channels has increased demand for integrated customer engagement services. Companies seek providers capable of managing voice and non-voice interactions, delivering multilingual support, analysing customer data, and improving the overall customer experience.
Artificial intelligence and automation are also changing the industry. Service providers are investing in technology to improve productivity, support customer interactions, and offer more specialised services. At the same time, these developments create challenges for traditional outsourcing models and require continuous investment in technology and employee capabilities.
Fusion CX operates in this evolving environment, where client relationships, service delivery quality, technology adoption, and operating efficiency are important determinants of competitiveness. However, competition, wage inflation, data security requirements, customer concentration, and technological disruption remain relevant industry risks.
Business Strategy
Fusion CX Limited focuses on providing multichannel customer experience services while strengthening its technology-enabled offerings and expanding its capabilities across industries and markets.
The company’s strategy includes improving technology tools through investments in its step-down subsidiaries, repaying or prepaying certain borrowings, and pursuing inorganic growth through acquisitions and other strategic initiatives. These measures are intended to support operational capabilities, technology upgrades, and future business development.
The company also needs to maintain service quality, retain existing clients, develop new customer relationships, and manage employee and delivery costs. Its ability to adapt to artificial intelligence, automation, changing client expectations, and competitive pricing will be important for sustainable growth.
Fusion CX IPO Financial Information
A company’s financial performance provides valuable insights into revenue growth, profitability, operational efficiency, and financial stability. Reviewing financial statements over multiple years helps investors understand how the business has expanded and how effectively it has generated earnings from its operations.
Fusion CX Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹991.32 Crore | ₹1,329.30 Crore | ₹1,818.14 Crore |
| Total Income | ₹1,021.53 Crore | ₹1,352.03 Crore | ₹1,851.83 Crore |
| EBITDA | ₹104.62 Crore | ₹197.78 Crore | ₹329.87 Crore |
| Profit Before Tax (PBT) | ₹36.68 Crore | ₹77.74 Crore | ₹189.30 Crore |
| Profit After Tax (PAT) | ₹36.26 Crore | ₹74.31 Crore | ₹169.84 Crore |
| Net Worth | ₹270.15 Crore | ₹354.66 Crore | ₹552.54 Crore |
| Total Borrowings | ₹241.68 Crore | ₹306.73 Crore | ₹266.86 Crore* |
*The FY2026 borrowings figure should be reconciled with the final offer document before publication. Reported consolidated borrowings were also reported at ₹322 crore as of August 2026.
The company reported consistent growth in revenue and profitability over the three financial years. Revenue from operations increased from ₹991.32 crore in FY2024 to ₹1,818.14 crore in FY2026. Profit after tax increased from ₹36.26 crore to ₹169.84 crore over the same period.
This performance indicates an improvement in the company’s reported earnings. However, investors should examine the sustainability of profit margins, operating cash flows, borrowings, customer concentration, and the effect of technology investments on future profitability. Financial figures should be checked against the final offer document before making investment decisions.
Fusion CX IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess profitability, operational efficiency, financial strength, and capital utilisation. These ratios provide additional insights into the company’s overall business performance.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 30.30% |
| Return on Capital Employed (ROCE) | 71.59% |
| Return on Net Worth (RONW) | 30.74% |
| EBITDA Margin | 18.14% |
| PAT Margin | 9.34% |
| Debt-to-Equity Ratio | 0.53 |
| Earnings Per Share (EPS) | ₹13.41 |
| Net Asset Value (NAV) Per Share | ₹43.74 |
| Price to Earnings (P/E) | 20.51x–21.55x |
The reported financial indicators suggest improved profitability in FY2026. The P/E range is based on the stated price band and diluted earnings per share, while return ratios and leverage metrics should be reconciled with the final offer document to ensure a consistent calculation basis.
Investors should evaluate these ratios alongside revenue growth, cash flow, the company’s competitive position, industry developments, and IPO valuation before making an investment decision.
Objects of the Fusion CX IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment or prepayment, in full or in part, of certain outstanding borrowings of the company and certain subsidiaries.
- Investment in step-down subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited for upgrading IT tools, including Arya and MindVoice.
- Pursuing inorganic growth through unidentified acquisitions and other strategic initiatives.
- General corporate purposes, subject to the terms and limits specified in the offer documents.
The proceeds from the Offer for Sale will be received by the promoter selling shareholders, P N S Business Private Limited and Rasish Consultants Private Limited, and will not form part of the company’s fresh issue proceeds. The final allocation of funds should be verified against the offer documents.
Fusion CX IPO Listing Performance
The listing performance reflects how a company’s shares perform on the stock exchanges after the IPO. Listing gains or losses depend on investor demand, issue valuation, market conditions, and sentiment. Long-term returns depend on business performance, profitability, client retention, technology execution, and competitive positioning.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | 22 October 2026 |
| Issue Price | ₹289 Per Share (upper price band) |
| Listing Price | To be updated |
| Listing Gain | To be updated |
| Listing Gain (%) | To be updated |
The listing price and listing gain will be available after the company’s shares commence trading on the stock exchanges. Investors should distinguish between short-term listing performance and the company’s long-term business prospects.
Fusion CX IPO Subscription Status
Subscription figures indicate the level of investor participation received during the IPO bidding period. Strong subscription can reflect market interest, although it does not independently determine whether an IPO is appropriately valued or suitable for a particular investor.
Fusion CX IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | To be updated |
| Non-Institutional Investors (NII) | To be updated |
| Retail Individual Investors (RII) | To be updated |
| Employee Category | To be updated |
| Total Subscription | To be updated |
The IPO is scheduled to open on 14 October 2026 and close on 16 October 2026. Final subscription figures will become available after the bidding process is completed. Investors should check official exchange disclosures for category-wise subscription data.
Fusion CX IPO Review
Fusion CX Limited operates in the customer experience management and business process services sector, providing multichannel customer interactions and technology-enabled services to clients across various industries. Its offerings include voice, email, chat, social media and messaging support, customer acquisition, customer retention, technical support, payment and collections, and order fulfilment.
The company has an established operating history dating to 2004 and serves clients in telecom and utilities, high-tech growth and travel, banking, financial services and insurance, retail, and healthcare. Its technology-related investments through step-down subsidiaries are intended to strengthen its tools and digital capabilities. These capabilities may help the company respond to changing customer expectations and the growing use of automation.
Fusion CX reported revenue from operations of ₹1,818.14 crore and profit after tax of ₹169.84 crore in FY2026, compared with ₹1,329.30 crore and ₹74.31 crore, respectively, in FY2025. The IPO comprises a fresh issue of ₹500 crore and an Offer for Sale of ₹202 crore. The fresh issue proceeds are intended partly for debt repayment and technology investments.
The company’s growth prospects depend on its ability to retain clients, secure new contracts, maintain service quality, improve operating efficiency, and adapt to changes in artificial intelligence and automation. Investors should also examine customer and sector concentration, employee costs, foreign exchange exposure, data security requirements, and the possibility that technological developments could change demand for traditional outsourced services.
Overall, Fusion CX offers exposure to an established customer experience services business with reported revenue and profit growth. However, investors should assess the issue valuation, financial risks, competitive environment, and use of proceeds carefully. A decision to invest should be based on the final offer documents and the investor’s financial objectives and risk tolerance.
Fusion CX IPO Strengths
- Established customer experience and business process services provider with a history dating to 2004.
- Multichannel delivery capabilities covering voice, email, chat, social media, and messaging.
- Exposure to multiple industries, including telecom and utilities, high-tech growth and travel, BFSI, retail, and healthcare.
- International business and delivery capabilities serving clients across multiple markets.
- Reported growth in revenue and profit after tax in FY2026.
- Investment in technology tools and AI-related capabilities through step-down subsidiaries.
Fusion CX IPO Risk Factors
- Intense competition from domestic and international customer experience, BPO, and technology-enabled service providers may affect pricing and margins.
- Automation and artificial intelligence may change customer requirements and the economics of traditional outsourced services.
- Dependence on key clients, industry segments, and contract renewals may expose revenue to concentration risk.
- Employee costs, recruitment, training, and delivery-centre expenses may affect profitability.
- Handling customer information across jurisdictions creates privacy, cybersecurity, and regulatory compliance obligations.
- Foreign exchange movements and international operations may affect financial results.
- Acquisitions, technology investments, and debt servicing may create execution and financial risks.
- The valuation of the IPO may not be supported if future growth or profitability falls short of expectations.
Fusion CX IPO Promoters
Fusion CX Limited’s promoters are Pankaj Dhanuka, Kishore Saraogi, P N S Business Private Limited, and Rasish Consultants Private Limited. The promoters have been associated with the company’s development in the customer experience management and business process services sector.
P N S Business Private Limited and Rasish Consultants Private Limited are the promoter selling shareholders participating in the Offer for Sale. Investors should review the promoter shareholding before and after the IPO and the final disclosures in the offer documents.
Fusion CX IPO Promoters Details
| Promoter | Designation |
|---|---|
| Pankaj Dhanuka | Promoter |
| Kishore Saraogi | Promoter |
| P N S Business Private Limited | Promoter Selling Shareholder |
| Rasish Consultants Private Limited | Promoter Selling Shareholder |
Fusion CX IPO Management Team
Fusion CX is led by a management team responsible for business strategy, customer experience operations, financial management, technology investment, and corporate governance. Management execution will be important as the company works to maintain growth, strengthen its technology capabilities, and manage operating risks.
| Name | Designation |
|---|---|
| Pankaj Dhanuka | Promoter; management role to be verified against the final offer document |
| Kishore Saraogi | Promoter; management role to be verified against the final offer document |
| Barun Singh | Company Secretary and Compliance Officer |
The company’s final offer document should be consulted for the complete list of directors, key managerial personnel, and their respective designations.
Fusion CX IPO Registrar Details
The registrar is responsible for processing IPO applications, coordinating the basis of allotment, facilitating refunds, arranging the credit of shares to successful applicants, and handling investor-related queries.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://ipostatus.kfintech.com/ |
| IPO Allotment Status | https://ipostatus.kfintech.com/ |
| Email ID | [email protected] |
| Contact Number | 040-7961 5565 |
Registrar details are based on published Fusion CX IPO information. Investors should confirm the official allotment link and contact information before submitting personal or application details.
Fusion CX IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory requirements, supporting offer pricing and marketing, and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Managers | Nuvama Wealth Management Limited; IIFL Capital Services Limited; Motilal Oswal Investment Advisors Limited |
These firms are identified as the book-running lead managers for the Fusion CX IPO in the published offer information.
Fusion CX Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Fusion CX Limited |
| Registered Office | Plot No. Y9, Block EP & GP, Sector-5, Bidhan Nagar, Salt Lake, Kolkata – 700091, West Bengal, India |
| Website | https://www.fusioncx.com |
| Email ID | [email protected] |
| Contact Number | 033-4508 6520 |
The company’s registered office and contact information are stated in its draft red herring prospectus.
How to Check Fusion CX IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO allotment portal. The allotment status is expected to be available after the scheduled basis of allotment date, subject to official updates.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Fusion CX IPO from the available IPO list, once listed.
- Choose PAN Number, Application Number, or DP/Client ID, as available.
- Enter the required details.
- Submit the form to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Fusion CX IPO from the list of IPOs, once available.
- Enter your PAN Number or Application Number as required.
- Complete the verification process if prompted.
- Click Search to view the allotment result.
Fusion CX IPO Conclusion
Fusion CX IPO provides investors with an opportunity to invest in a customer experience management and business process services company with an established operating history and multichannel delivery capabilities. The company provides customer support, customer acquisition and retention, technical assistance, payment and collections, order fulfilment, and technology-enabled solutions to clients across several industries.
The company reported growth in revenue and profit after tax in FY2026. The proposed fresh issue proceeds are intended to support debt repayment, technology upgrades through step-down subsidiaries, inorganic growth, and general corporate purposes. These initiatives may support the company’s business development, although their eventual impact will depend on effective execution and market conditions.
Investors should also consider competition, the impact of artificial intelligence and automation, client concentration, operating expenses, data protection requirements, and the risks associated with technology investments and acquisitions. IPO valuation and the sustainability of earnings are important factors when assessing the issue.
A detailed assessment of the company’s financial performance, offer valuation, business strategy, industry outlook, risk factors, and final offer documents can help investors determine whether the Fusion CX IPO aligns with their investment objectives and risk tolerance.
Fusion CX IPO FAQs
What is Fusion CX IPO?
Fusion CX IPO is the proposed Mainboard public issue of Fusion CX Limited, a customer experience management and business process services company.
What is the price band of Fusion CX IPO?
The IPO price band is ₹275 to ₹289 per equity share.
What is the issue size of Fusion CX IPO?
The total issue size is approximately ₹702 crore, comprising a fresh issue of ₹500 crore and an Offer for Sale of ₹202 crore.
When will the Fusion CX IPO open?
The IPO is scheduled to open for subscription on 14 October 2026.
When will the Fusion CX IPO close?
The IPO is scheduled to close on 16 October 2026.
On which stock exchanges will Fusion CX shares be listed?
The company’s equity shares are proposed to be listed on the BSE and NSE.
Who is the registrar for the Fusion CX IPO?
KFin Technologies Limited is the registrar to the Fusion CX IPO.
What is the face value of Fusion CX IPO shares?
The face value of each equity share is ₹1.
What does Fusion CX Limited do?
Fusion CX Limited provides customer experience management, business process services, multichannel customer support, technical assistance, customer acquisition and retention, and technology-enabled solutions to clients across various industries.
What are the objects of the Fusion CX IPO?
The fresh issue proceeds are intended for repayment or prepayment of certain borrowings, investments in step-down subsidiaries for technology upgrades, inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes. The Offer for Sale proceeds will be received by the promoter selling shareholders.
